Editor-in-chief: Prof. Johannes Platje

Vol. 5, No. 1, 7-22, March 2021

Received: 02.03.2021, Revised: 19.03.2021, Accepted: 19.03.2021

Reflections on the SARS-Covid-2 pandemic after one year: predictable, preventable but inevitable: an ecologist’s perspective

Author: Jeffrey A. HARVEY
Department of Terrestrial Ecology, The Netherlands
VU University Amsterdam, The Netherlands

Aim: The major aim of the current essay is to argue that neoliberal capitalism, by virtue of its core tenets, has significantly increased the risk of disease outbreaks like SARS-Covid-2.

Conclusion/Finding: The dominant socio-political-economic system across the industrialized world is neoliberal capitalism that focuses on economic growth and profit maximization. These are obtained in part through the weakening or elimination of environmental regulations. Although neoliberalism has brought benefits to some, it has exacerbated social and economic divisions within and between countries. More importantly, it is undeniably responsible for increasing the rate of environmental destruction, especially in developing countries in the south, which are rich is resources and raw materials coveted by multinational corporations based in the western developed countries. The loss and/or fragmentation of ecosystems is also bringing people into closer contact with many species that were once largely insulated from human communities, such as bats, that harbor harmful viruses with the potential to affect people through zoonotic spill-over via another wild or domesticated species.

Originality/Value of Article: Because it eschews the precautionary principle, neoliberal capitalism is uniquely ill-equipped to prepare for potential calamities like pathogenic outbreaks and, more worryingly, climate change. This makes it obsolete in the Anthropocene. We need to seriously work towards making structural changes in the socio-political landscape in ways that reduce the damage we are doing and also strive to create social justice across the world. This is imperative if we are to create a sustainable future and to protect much of the living world from destruction.

Keywords: climate change; environmental destruction; extinction; habitat; neoliberal capitalism; profit
JEL: F64, P10, Q54

doi: http://dx.doi.org/10.29015/cerem.912

Vol. 5, No. 1, 23-42, March 2021

Received: 11.01.2021, Revised: 02.03.2021, Revised: 19.03.2021, Accepted: 19.03.2021

A security-oriented corporate culture of an organization in a pandemic. A case study of WSB in Wrocław

Authors: Robert MAJKUT, Radosław RYBCZYŃSKI
WSB University in Wroclaw, Poland

Aim: The paper aims to illustrate the importance of organizational culture in supporting security in an organization, on the example of a non-public higher education institution in Poland during the first year of the COVID-19 pandemic. Organization.

Design/ Research methods: The case study is presented in the context of theoretical reflections. the authors participated in the process of change during the pandemic, influencing the social norms shaping the culture of the organization for safety purposes in order to ensure the effective functioning of this entity under an epidemic risk.

Findings: This article has cognitive value and contains a description of the implemented procedures determined, on the one hand, by the organizational culture and, on the other hand, causing significant changes in the organization.

Contribution: Until recently, Management Science and Organization and Management Sociology did not deal with developing a security-oriented corporate culture of a particular entity in the context of the threat of an epidemic. The results may provide an example of good practice, and is the basis of future research on post-COVID security management.

Keywords: Organizational culture, Security of the organization, Creating a culture for the security of the organization, Pandemic, COVID-19

JEL: Z130

doi: http://dx.doi.org/10.29015/cerem.909

Vol. 5, No. 1, 43-58, March 2021

Received: 25.08.2020, Revised: 19.10.2020, Accepted: 07.01.2021

The influence of the Polish financial supervision authority on the bank’s management board

Author: Beata GRODZISKA-MODZELEWSKA
University of Wrocław, Poland

Aim: The aim of the article is to analyze the supervisory measures available to the Polish Financial Supervision Authority in relation to the management board of banks operating in Poland and to indicate whether these measures have a real impact on their functioning and internal structure. On this basis, the proposed changes for the Polish supervision model will be indicated. The article is to be the basis for a discussion on the actual possibilities of supervisory authorities in individual European countries.

Design/ Research methods: dogmatic and legal method, reflection on the Polish banking law, Polish and foreign legal literature.

Conclusions/findings: The analysis of the indicated subject matter led to the conclusion that the possibility of using measures of an imperative nature is an element included in the concept of the Polish Financial Supervision Authority as a public administration body. Despite the powers vested in it, each time there must always be premises for the supervisory authority to apply certain sanctions to members of the bank’s management board. Therefore, the Polish Financial Supervision Authority is not fully independent.

Originality/ value of the article: The article is of value for legislative bodies, it indicates de lege ferenda postulates that should be applied for the Polish Financial Supervision Authority to be independent in the field of supervision over bank management boards.

Implications of the research: The changes to the Polish banking law are necessary for the Polish Financial Supervision Authority to be able to exercise actual supervision, especially within the banking segment.

Keywords: Polish Financial Supervision Authority, Public Administration Body, bank body, The bank’s management board, resources ad rem, ad personam measures, Art. 138 of the Polish Banking Act

JEL: K, K2, K23

doi: http://dx.doi.org/10.29015/cerem.884

Vol. 5, No. 1, 59-75. March 2021

Received: 05.11.2020, Revised: 17.12.2020, Revised: 02.03.2021, Revised: 23.03.2021, Accepted: 23.03.2021

European Banking Union – an institutional analysis

Author: Barbara MAJEWSKA-JURCZYK
WSB University in Wroclaw, Poland

Aim: The Banking Union is an important step towards a genuine Economic and Monetary Union. The strengthening of the European banking system has become topic of debate since the 2008 crisis, when it became clear that stability and security of the system security may require increased supervision over operations conducted. The Banking Union was created to avoid the situation that taxpayers are first in line pay for bailing out ailing banks. The Banking Union consists of three pillars: 1) the Single Supervisory Mechanism (SSM), which centralizes supervision of European banks around the European Central Bank, 2) the Single Resolution Mechanism (SRM), which main purpose is to ensure the efficient resolution for recapitalization failing banks, and 3) the European Deposit Insurance Scheme (EDIS), which is still unfinished. The creation of the Banking Union is accompanied by remarkable transfer of sovereignty to the European level. This article aims to provide an overview of the changes unfolding across the Banking Union from a law and economics perspective, and to explain the role of the European Central Bank in supervision over the banking system, which is different from the policy of controlling prices through determining the level of interest rates and keeping inflation under control.

Design/Research methods: The analysis of the functioning Banking Union is based on review of literature and analysis of reports and legal acts.

Findings: The Banking Union supports financial integration in the EU by implementing a common set of rules and a common supervisory and resolution mechanism. The creation of the Deposit Insurance Scheme is likely to contribute to the protection of banks and consumers in case of a potential future crisis. The author argues that the European Central Bank as a supervisor of the financial market should create a second supervisory body, which would significantly strengthen the system and allow the ECB more efficiently fulfil its task as chief supervisor.

Keywords: European Union, Banking Union ,European Central Bank, Single Supervisory Mechanism, Single Resolution Mechanism, Deposit Insurance Scheme.

JEL: K10, K20

doi: http://dx.doi.org/10.29015/cerem.896

Vol. 5, No. 1, 77-101, March 2021

Received: 08.03.2017, Revised: 21.02.2021, Revised: 22.03.2021, Accepted: 23.03.2021

The primary goal of monetary policy: reflections on the nature of the problem

Author: Adam HETMAŃCZUK
WSB University in Wrocław, Poland

Aim: In this article, the state of the discourse concerning the final goal of the modern central bank is presented, in particular the aim of price stability, understood as low and stable inflation.

Design/Research methods: The article was prepared on the basis of scientific publications in the field of monetary policy as well as materials and documents from different central banks, including the US Federal Reserve System and the European Central Bank.

Conclusions/findings: Low and stable inflation reduces uncertainty about future price developments. This facilitates decision-making for companies concerning production and investment, and for households concerning consumption and saving. From a macroeconomic point of view, price stability is a prerequisite for the efficient functioning of the economy and for achieving high growth rates. In practice, the need for a quantifiable definition has been disregarded, while only a descriptive and qualitative definition of price stability is insufficient for an effective monetary policy and the implementation of the anti-inflationary mission by the central bank.

Keywords: central bank, monetary policy, price stability, inflation

JEL: E31, E51, E52, E58

doi: http://dx.doi.org/10.29015/cerem.441